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Global oil and gas storage market

Published by , Editorial Assistant
Tanks and Terminals,

Research and Markets has announced the addition of the "Global Oil and Gas Storage Market 2017" report to their offering, predicting the global oil and gas storage market to grow at a CAGR of 2.92% during the forecast period. The report covers the present scenario and the growth prospects of the global oil and gas storage market for 2017 – 2021.

To calculate the market size, the report considers new oil and gas storage capacities such as oil storage tankers, oil storage fleets, terminals and excludes retrofit/replacement/aftermarket. The report also includes a discussion of the key vendors operating in this market. One trend in the market is solidified natural gas technology for natural gas storage. Natural gas is most commonly stored in underground facilities under pressure. These facilities are depleted aquifers, salt caverns and oil or gas fields or both. In above ground facilities, natural gas is stored in gas or liquid form.

According to the report, one driver in the market is decline in crude oil prices. Petroleum fuel is the most traded commodity in the world. Private trading companies have a presence in various international and local energy trading hubs and exchanges. They bring the buyer and supplier of crude oil and natural gas together and effect a sale. The market for crude oil is unstable, and its pricing is hard to predict due to its complex value chain and supply chain.

Further, the report states that one challenge in the market is threat of theft and technical challenges related to storage systems. Crude oil and natural gas are stored in large tanks in tank farms. Crude oil and petroleum products are usually stored in circular floating roof tanks whereas natural gas and LPG are stored in spherical tanks. LNG is stable under atmospheric pressure and hence, can be stored in circular or spherical tanks.

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